Fact Sheet

AS AT 31 MARCH 2021

AUSTRALASIAN GROWTH GLOBAL GROWTH DIVERSIFIED

Fund Inception Unit Standard Portfolio

FUN D D ETAILS Status Date Price Withdrawal Period Manager(s)
AUSTRALASIAN GROWTH CLOSED Dec-07 $7.57 20 working days Doug Jopling

AUSTRALASIAN DIVIDEND GROWTH OPEN Sep-11 $3.62 10 working days Mike Ross
AUSTRALASIAN EMERGING CLOSED Apr-13 $5.52 3 months Mark Devcich & Chris Bainbridge
AUSTRALASIAN GROWTH 2 CLOSED Aug-15 $2.84 10 working days Chris Bainbridge
GLOBAL GROWTH OPEN Sep-13 $2.33 10 working days Mark Devcich, Guy Thornewill* & Toby Woods*
GROWTH UK & EUROPE OPEN Nov-16 $1.81 10 working days Mark Devcich, Guy Thornewill* & Toby Woods*
GLOBAL GROWTH 2 OPEN May-18 $1.17 5 working days Mike Taylor, Guy Thornewill* & Toby Woods*
CONSERVATIVE OPEN Apr-15 $1.17 5 working days Mike Taylor
CHAIRMAN’S** OPEN Sep-14 $2.26 20 working days Mike Taylor
*Guy Thornewill and Toby Woods are responsible for research and analysis
**Minimum investment is $500,000

1 3 yrs 5 yrs 7 yrs 10 yrs Annualised since

PERFORMANCE month
1 yr
(p.a.) (p.a.) (p.a.) (p.a.) inception
AUSTRALASIAN GROWTH -1.1% 42.5% 16.8% 10.4% 12.9% 14.5% 16.4%

AUSTRALASIAN DIVIDEND GROWTH 2.3% 64.5% 15.3% 15.4% 14.2% 17.7%

AUSTRALASIAN EMERGING -2.2% 63.3% 20.2% 15.7% 17.9% 23.8%

AUSTRALASIAN GROWTH 2 -6.7% 94.6% 24.2% 19.8% 20.3%

GLOBAL GROWTH 3.9% 42.1% 14.8% 14.8% 11.9% 11.8%
GROWTH UK & EUROPE 4.4% 61.9% 13.6% 14.4%

GLOBAL GROWTH 2 1.8% 27.8% 5.6%

CONSERVATIVE 0.6% 8.3% 4.2% 4.6% 4.5%

CHAIRMAN’S 0.3% 52.9% 15.7% 14.0% 13.2%

Returns after fees but before individual PIR tax applied

1 3 yrs 5 yrs 7 yrs 10 yrs

MARKET INDICES month
1 yr
(p.a.) (p.a.) (p.a.) (p.a.)
Applicable Fund

Australasian Growth, Australasian Dividend

XSOAI 1 3.0% 61.0% 9.2% 10.3% 8.7% 1.9% Growth and Australasian Growth 2

XECAI 2 -0.5% 125.4% 12.8% 13.6% 10.6% Australasian Emerging

3
STEMGLU 5.5% 52.0% 11.9% 13.0% 12.5% Global Growth
4
CONSERVATIVE INDEX 1.3% 7.7% 5.2% 5.1% Conservative
5
M7EUSC 5.9% 46.3% 8.7% Growth UK & Europe
6
M1WDLCL 6.4% 30.9% Global Growth 2
7
50% XSOAI : 50 STEMGLU 4.2% 56.5% 10.6% 11.6% Chairman’s
Returns after fees and before tax

1. XSOAI S&P/ASX Small Ordinaries Accumulation 4. 20% Bloomberg Barclays Global Aggregate Total
Index (NZD) Return (NZD), 25% BNZBIL NZBond Bank Bill
Index (NZD), 20% MSCI ACWI IMI Net Total Return
2. XECAI S&P/ASX Emerging Companies Index Total (NZD), 35% S&P NZX Investment Grade Corporate
Return (NZD) Bond Total Return Index (NZD)
3. STEMGLU S&P Global SmallCap Gross Total 5. M7EUSC S&P European Small Cap Net Total Return
Return (NZD) Index (NZD)
6. M1WDLCL Low Carbon Leaders Net Total Return
Index (NZD)
7. XSOAI S&P/ASX Small Ordinaries Accumulation
Index (NZD) and STEMGLU S&P Global SmallCap
Gross Total Return (NZD)
AS AT 31 MARCH 2021

TOTAL FUNDS UNDER MANAGEMENT: $1.5B*

AUSTRALASIAN AUSTRALASIAN AUSTRALASIAN

REGIONS AND EQUITIES GROWTH DIVIDEND GROWTH EMERGING
1.2%
6.5%
10.4% 8.0% 1.5%
Asia
19.4%

Australasia

Australia
74.1% 88.4% 90.5%

Cash/other (including short

and long derivatives) AUSTRALASIAN GLOBAL GROWTH GROWTH UK & EUROPE
GROWTH 2
Emerging Markets 7.5%
9.8% 1.7%
13.6%
46.6% 32.1%
14.2%

Europe (including Scandinavia)

18.2% 19.8%
New Zealand

25.0% 21.3%
90.2%
UK

GLOBAL GROWTH 2 CONSERVATIVE CHAIRMAN’S

US and Canada 1.3% 1.0%
11.5% 1.5% 3% 1%
3.2% 4%
6.4% 9%
9.2%
Global fixed income 8.1%
38.5% 43%
12%
50.8% 7.8%
New Zealand fixed income 22.9%

14%

5.6% 32.2% 14%

AUSTRALASIAN GROWTH GLOBAL GROWTH DIVERSIFIED

TOP FIVE HOLDINGS

AUSTRALASIAN Elanor Retail Property Fund Macquarie Telecom MNF Group Probiotec Strandline Resources
GROWTH ASX: ERF ASX: MAQ ASX: MNF ASX: PBP ASX: STA

AUSTRALASIAN City Chic Collective Johns Lyng Group Karoon Energy Macquarie Telecom Uniti Group
DIVIDEND GROWTH ASX: CCX ASX: JLG ASX: KAR ASX: MAQ ASX: UWL

AUSTRALASIAN Atomos Bigtincan Holdings Frontier Digital Ventures Kip McGrath Over the Wire Holdings
EMERGING ASX: AMS ASX: BTH ASX: FDV ASX: KME ASX: OTW

AUSTRALASIAN EML Payments IDP Education Nearmap Tyro Payments Whispir

GROWTH 2 ASX: EML ASX: IEL ASX: NEA ASX: TYR ASX: WSP

Avon Rubber discoverIE Group Grupo Traxion SAB de CV Pets at Home Group William Blair SICAV -
GLOBAL GROWTH
LSE: AVON LSE: DSCV BMV: TRAXION A LSE: PETS Emerging Markets

GROWTH UK & Boku iShares MSCI Europe Sdiptech AB (publ) SES-imagotag SwedenCare AB
EUROPE AIM: BOKU Small Cap ETF OM: SDIP B ENXTPA: SESL OM: SECARE

Amazon.Com Apple Inc Orpea SA Pets at Home Group Whitbread

GLOBAL GROWTH 2
NASDAQ: AMZN NASDAQ: AAPL ENXTPA:ORP LSE: PETS LSE: WTB

Harbour NZ Corporate iShares Core Global iShares iBoxx $ High Yield

CONSERVATIVE Cash: 6 months On Call
Bond Fund Aggregate Bond ETF Corporate Bond ETF

EML Payments Frontier Digital Ventures Whispir Uniti Group William Blair SICAV -
CHAIRMAN’S
ASX: EML ASX: FDV ASX: WSP ASX: UWL Emerging Markets

Holdings in alphabetical order

* Includes $177.5m of interfund investments (Chairman’s).
AS AT 31 MARCH 2021
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RETURNS.

AUSTRALASIAN GROWTH If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Growth Fund’s objective is to deliver $800,000

long-term capital growth by investing in
$700,000
smaller growth companies listed in New
Zealand and Australia. $600,000
$500,000
$400,000

16.4% p.a. Inception

Dec 07
$300,000

Annualised return since inception $200,000

(After fees and before tax) $100,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0,000

AUSTRALASIAN DIVIDEND
If you had invested $100,000 at inception, the graph below shows what it would be worth today
GROWTH

The Dividend Growth Fund’s objective is $500,000

to deliver long-term capital growth and six-
monthly dividend payments by investing $420,000
in smaller and medium dividend-paying
companies listed in New Zealand and $340,000
Australia.
$260,000

17.7% p.a. Inception $180,000

Annualised return since inception Sep 11

(After fees and before tax) $100,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

AUSTRALASIAN EMERGING If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Emerging Fund’s objective is to deliver

$600,000
long-term capital growth by investing in
very small companies listed in New Zealand
$500,000
and Australia.
$400,000

23.8% p.a. $300,000

Annualised return since inception Inception $200,000

Apr 13
(After fees and before tax)
2014 2015 2016 2017 2018 2019 2020 2021 $100,000

AUSTRALASIAN GROWTH 2 If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Growth 2 Fund’s objective is to deliver $350,000

long-term capital growth by investing in
smaller and medium growth companies $300,000
listed in New Zealand and Australia.
$250,000

20.3% p.a. $200,000

Annualised return since inception Inception $150,000

Aug 15
(After fees and before tax)
2016 2017 2018 2019 2020 2021 $100,000

GLOBAL GROWTH If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Global Growth Fund’s objective $250,000

is to deliver long-term capital growth
by investing in smaller global growth $220,000
companies and select offshore externally
managed funds. $190,000

$160,000
11.8% p.a.
Inception $130,000
Annualised return since inception Sep 13
(After fees and before tax)
2014 2015 2016 2017 2018 2019 2020 2021 $100,000
AS AT 31 MARCH 2021
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RETURNS.

GROWTH UK & EUROPE If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Growth UK & Europe Fund’s objective

$200,000
is to deliver long-term capital growth by
investing in smaller growth companies
$180,000
listed in the United Kingdom and Europe.
$160,000

$140,000

14.4% p.a. Inception

Nov 16 $120,000
Annualised return since inception
(After fees and before tax) 2017 2018 2019 2020 2021 $100,000

GLOBAL GROWTH 2 If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Global Growth 2 Fund’s objective is

$120,000
to deliver long-term capital growth by
investing in large companies globally,
directly and through ETFs. $112,000

Inception
May 18 $104,000

5.6% p.a. $96,000

Annualised return since inception

(After fees and before tax) 2019 2020 2021 $88,000

CONSERVATIVE If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Conservative Fund’s objective is to

$135,000
preserve investors’ capital, with some
capital growth. The Fund is a diversified $130,000
mix of fixed interest, cash and equities
$125,000
directly or through other Pie funds. This
fund is a conservative investment option. $120,000

$115,000

4.5% p.a. Inception

$110,000

Annualised return since inception Apr 15 $105,000

(After fees and before tax)
2016 2017 2018 2019 2020 2021 $100,000

CHAIRMAN’S If you had invested $100,000 at inception, the graph below shows what it would be worth today

The Fund’s objective is to provide investors

with long term capital growth by investing
$230000
predominantly in the other Pie Funds
products which predominantly invest in
$204000
Australian, New Zealand and globally-
listed equities. $178000

13.2% p.a. $152000

Annualised return since inception Inception $126000

Sep 14
(After fees and before tax)
2015 2016 2017 2018 2019 2020 2021 $100000

To download our product disclosure statement, go to www.piefunds.co.nz.  Past performance is not an indicator of future returns. This
information is general only. Please see a financial adviser for tailored advice. The information is given in good faith and has been derived from
sources believed to be reliable and accurate. However, neither Pie Funds nor any of its employees or Directors gives any warranty of reliability
or accuracy and shall not be liable for errors or omissions herein, or any loss or damage sustained by any person relying on such information,
whatever the cause of loss or damage. No person, including the Directors of Pie Funds, guarantees the repayment of units in the fund or any returns
of units in the fund. Returns can be negative as well as positive and returns over different periods may vary.